Mad Men and the Economics of the 1960s: Salaries, Prices, and Cost of Living

The television series Mad Men, set primarily in the 1960s, provides a vivid glimpse into the economic conditions of that era. From salaries and prices to cost of living, the show offers a detailed look at the financial landscape of mid-20th-century America. In this article, we will explore the various salaries and prices mentioned in Mad Men, placing them in today’s context to better understand the economic environment of the 1960s.

Salaries in Mad Men

The salaries mentioned in Mad Men reflect the significant differences in earning power and job roles of the time. Here are some notable examples:

Don Draper

Don Draper, one of the main characters, has a fluctuating salary throughout the series. At one point, he earns around $40,000 per year. This salary was quite substantial for an advertising executive in the 1960s. In today’s terms, this would be equivalent to around $500,000, indicating that Don Draper was indeed sitting on a gold mine in the early 1960s.

Peggy Olson

When Peggy Olson starts as a secretary, her salary is approximately $35 per week. As she advances in the advertising world, her salary significantly increases, reflecting her growing success. This indicates the importance of career advancement and hard work in the 1960s.

Cost of Living in the 1960s

The cost of living during the 1960s is depicted through various details in the show. Here are some examples:

Rent

In the early seasons, a decent apartment in New York City could be rented for around $150 to $200 per month. Over time, this figure would have increased slightly, reflecting economic growth and inflation.

Basic Groceries

Prices for basic groceries are also shown. For instance, a loaf of bread might cost around 20 cents, while a gallon of milk could be about 95 cents. These figures provide a tangible sense of the cost of living during that period.

Consumer Goods

Mad Men highlights the prices of various products, such as cars and household items, which were much lower than today’s prices. For example, a new car might be advertised for around $2,500. This indicates that purchasing power was significantly higher relative to today’s prices.

Here are some specific examples from the different seasons:

Season 1 (1960)

Pete Campbell’s salary is $75 per week. Pete Campbell’s Upper East Side apartment costs $30,000. A copy of Atlas Shrugged costs $1.99. Don gives a waitress at a beatnik bar $5 for 3 drinks and a tip. Kinsey mentions that Peggy’s birth control pills cost $11 per month. Don refers to Pete Campbell as having a “fancy” life, likely referring to his relatively high salary and good lifestyle.

Season 2 (1962)

Ken Cosgrove’s salary is $300 per week. Harry S. Crane’s salary is $225 per week, having negotiated up from $200 per week.

Season 3 (1963)

Ken Cosgrove’s new salary as head of accounts is not explicitly stated, but it is likely higher than his previous salary, reflecting his promotion and increased responsibilities.

Conclusion

The prices and salaries mentioned in Mad Men offer a rich historical context, allowing viewers to understand the economic environment of the 1960s. This period saw significant changes in technology, culture, and employment, all of which are reflected in the show. Understanding these figures helps us appreciate the financial landscape of that era and provides a vivid contrast with today’s realities.

By exploring the salaries, cost of living, and consumer goods in Mad Men, we can better grasp the economic conditions of the 1960s and the vast changes that have occurred since then.